23/10/2019
*WTI Crude Oil Dec 19*
Previous Close: 54.48 +0.97
Oil prices were higher following a report that OPEC and its allies would consider deeper production cuts when they meet in December and further support by lower build in API weekly data. Watch out for EIA weekly crude oil stock on 1030pm tonight.
Hourly chart continue to move in sideway to lower range from 51-55, wait for more breakout.
*Classic Support & Resistance*
Resistance: 55 57
Support: 52.50 51
*Recommend Trading Plan for the day:*
1. Sell 54.03, stop 54.17, profit 53.9/53.77/53.64
2. Look for buy signal above 55
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4950
Mini Crude : USD 2475
Disclaimer: For idea sharing only, trade at your own risk
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